U.S. entities can use general purpose frameworks or special purpose frameworks for financial reporting. The general purpose frameworks are: U.S. Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS) or International Financial Reporting Standards for Small and Medium-Sized Entities (IFRS for SMEs). The special purpose frameworks are: Tax, Cash or the AICPA's ...

The compilation standards list several responsibilities for management in connection with a compilation service. AR-C 60.25c states that management is responsible "for the selection of the financial reporting framework to be applied in the preparation of the financial statements".

AR-C 80.04 - the objective of the accountant in a compilation engagement is to apply accounting and financial reporting expertise to assist management in the presentation of financial statements and report in accordance with this section without undertaking to obtain or provide any assurance that there are no material modifications that should be made to ...